Friday, January 22, 2010

IBD: Shifting The Blame

Regulations: Apparently believing the best defense is a good offense, the president wasted no time after his jarring loss on medical overhaul in upping the ante on another of his signature issues — financial change.

Just as Speaker Nancy Pelosi confessed Thursday she lacked the votes to quickly move the Senate's sweeping health care bill through the House — foreclosing one way to keep hope alive on socialized medicine — President Obama approached the lectern at the Executive Office Building to drop a bombshell of his own. Training his sights back on Wall Street, he called for tougher regulations that would limit the size of banks and their ability to engage in propriety trading.

This is the first two paragraphs from this editorial on IBD today. it isn't long but it is very good read the rest by following the link.
and this quote from the last bit of the article:
"Many economists say the four-week average of jobless claims would need to fall consistently below 425,000 to signal that the economy is close to generating net job gains." In sum, said Reuters, "employers are reluctant to hire."

To which we say: No kidding! Who in his right mind would be hiring in an environment like this, with the government taking control or clamping down on one industry after another?

I happen to agree with Volcker that the separation of commercial banking from the invetment bank is a good thing but, this President believes profits are a crime agains the poor. He doesn't understand the profit incentive is what drives innovation and creativity in the economy. Obama believes in only one incentive, fear of the powerful. He finally listened to Volcker long enough to realize he can threaten and show the banks how tough he is by bullying them.
Obama believes in dictatorial methods not democracy and not free enterprise. This is a one term President who is failing the minorities who so proudly supported him.

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